Dollar surges after Yellen speech

The dollar surged Monday as investors bet on a US rate hike sooner, rather than later, following a speech by Federal Reserve chief Janet Yellen. The greenback rose to 104.18 yen -- its highest level since January -- from 103.87 yen in New York Friday. The euro bought $1.3205 and 137.57 yen, compared with $1.3241 and 137.60 yen in New York. Investors picked up the dollar after Yellen discussed slack seen in the US jobs market, while acknowledging improvements in recent US indicators. Credit Agricole said it expected a possible brief ‘pause’ in coming days for the dollar's general appreciation, but the rising trend should remain. The dollar rose against other Asia-Pacific currencies. It rose to Sg$1.2506 from Sg$1.2478 on Friday, to 32.01 Thai baht from 31.89 baht and to 11,715.30 Indonesian rupiah from 11,655.00 rupiah. The greenback also rose to 1,019.90 South Korean won from 1,017.35 won, to 43.83 Philippine pesos from 43.79 pesos, to Tw$29.97 from Tw$29.96 and to 60.43 Indian rupees from 60.42 rupees. The Australian dollar slipped to 93.17 US cents from 93.23 cents, while the Chinese yuan was quoted at 16.94 yen against 16.81 yen, according to AFP.